Maximum Loan Forgiveness Amount For Payroll Protection Program PPP

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What is PPP Paycheck Protection Program?
Establishes $350 Billion for the provision of loans to small business
New type of SBA Section 7(a) loans
For loans made between February 20, 2020 and June 30, 2020
Only available to qualifying "small" employers
Up to 100% of the loan amount is eligible for forgiveness

Paycheck Protection Loan Criteria
Maximum loan amount is lesser of (a) 2.5 times the average monthly payroll (based on 12-month lookback) or (b) $10 million
Loans will be 100% guaranteed by the SBA
Availability of credit from other sources does not disqualify eligibility
No application fees or closing costs
Nonrecourse; no collateral or personal guarantees imposed
Maximum interest rate is 4%
Maximum loan term of 10 years
First 6 months of payments (principal and interest) are automatically deferred;
deferral can extend up to a year
Up to 100% of the PPP loan can be forgiven

Maximum Loan From the Paycheck Protection Program
2.5 times average total monthly payments of “payroll costs” during the 1-year period
before date the loan is made.

How Does Loan Forgiveness Work
Forgiveness equal to amount of qualifying expenses incurred in the first 8-week
period after origination of the PPP loan.
“Qualifying expenses” include:
Payroll costs (defined earlier)
Rent payments
Mortgage interest (no principal payments)
Utility payments (electricity, gas, water, transportation, telephone, or internet
access)
Forgiven amounts are not taxable to the small business (i.e., a tax-free grant)
Forgiven amounts are interest free

Paycheck Protection Limits on Loan Forgiveness
Loan forgiveness is reduced proportionately to the reduction in employee headcount during the COVID-19 crisis.
Loan forgiveness is reduced dollar-for-dollar by decreases in an employee’s compensation greater than 25% from prior quarters

How To Apply For a PPP Paycheck Protection Loan
Visit: https://www.sba.gov/document/sba-form...

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Disclaimer
This presentation does not constitute legal or tax advice. It is provided solely for informational and educational
purposes and does not fully address the complexity of the issues or all the steps businesses must take under
applicable laws. You should consult your professional advisers regarding your individual situation. Max Maher
undertakes no obligation to update the information in this presentation, and no representations are made that
the content is error-free.